AC Milan will pay £16m for the loan of Higuain with the option to make the deal permanent in a year with a fee of £32.04m.

Bonucci has moved back to Juventus in a swap deal with defender Mattia Caldara, with both deals worth £31m.

Argentina striker Higuain, 30, scored 16 Serie A goals last season.

Higuain joined Juve from Napoli for an Italian record of of £75.3m in 2016 and scored 40 league goals in two seasons, including 16 last term.

In a statement, AC Milan said: “Gonzalo and Mattia are two important pieces of the new era of the club.

Bonucci, 31, spent just one season at the San Siro after he joined from Juventus for £35.1m just last summer.

A Juventus statement said: “After spending seven wonderful years in black and white, Leonardo Bonucci has returned to the club following a season at AC Milan. Both Juventus and Bonucci are ready to start winning things again together.”